Gold System in Development

Hi, my friend.
Why did you choose the M1 timeframe to determine the market direction and trend?
Is there any specific reason behind that?
Generally, higher timeframes, such as H1, are used to identify the overall market trend.

Thanks for the explanation! Makes total sense that it’s a custom-designed v3.0 indicator.
Are you planning to share the indicator file / script with the thread, or are you keeping it private for now while you run the forward tests?

M1 has everything the higher timeframes have. You can build an H1, H4, or D1 candle out of M1, but you can't go the other way. Once it's an H1 candle, what happened inside that hour is gone. So I use M1 for everything.

The only exception higher timeframes are actually needed is if you're looking at candle patterns. When I was trading candle patterns before, I used H1 to D1 for intraday. But that's different because candle pattern isn't really a thing the price does. It only there because someone decided the hour starts here and ends there. Shift that line by fifteen minutes and your engulfing pattern disappears, etc.

If what you care about is price, you want everything price actually did, and M1 gives you the most of that.

Keeping it private for now. If it proves useful then I'm open to sharing it, but not for free. Even that has a problem though. One subscriber screenshots the currency time and the corresponding support/resistance levels, posts them, and it's public anyway. There has to be an exchange of value. I didn't work this hard to play Santa Claus. I already give away plenty as it is.

Let's see if it's even useful first. This week's forward testing will tell.

As mentioned, this was designed for Gold but I'm going to test the individual currencies on Forex pairs now to see if this is useful for Forex as well.

I'll just start with the most recent currency reading on Friday and work backwards to see if anything breaks.

Friday had a USD reading at 17:28. So I'll pull up all USD crosses and let's see.

I'd say AUDUSD worked since after the vertical line at 17:28, price touched the resistance, where the sell limit would be sitting. Remember that placing a pending sell order on the support/resistance level itself if one way to enter. So the sell limit got filled and price came back to the horizontal line, and settled there for the exit on Friday before the weekend.

No pending limits were triggered, so no trade on EURUSD.

GBPUSD, I'd call this success too, especially with my entry method. So far it's good, nothing broken for Forex pairs.

Same with NZDUSD, so far it's good. Remember that the horizontal time at that time also has significance.

Support or resistance wasn't reached after the vertical line so no trade on USDCAD.

Interesting on USDCHF, after the vertical line, resistance was reached, so I'd expect price to reach the horizontal line at least but this was Friday right before the close so I wonder if this will result in USDCHF gap down on Monday, or at least, reaching the horizontal at minimum on Monday.

USDJPY reached the buy limit at support and came back to the horizontal line at least before the Friday close.

Interesting on BTCUSD, the location of the vertical line had already breached to be outside, but notice price came back to the horizontal line:
And then went back towards the support/resistance from there:

Gold even did the same as Forex pairs. Wow, even Gold fell in line.

So yeah, the USD reading at 17:28 on Friday was a success on Forex pairs, Bitcoin, and Gold.

Going backwards, next was CHF at 05:29 on Friday.

No trade on AUDCHF since vertical bar was already outside of the support/resistance levels. But it is interesting that price came back to the horizontal line and then continued in the breakout direction. It's something to keep in mind in case it's a repeating pattern. For now, we're looking for when vertical line is inside the support/resistance levels, and for one side to reach, and the opposite side to that to be taken as the direction.

CADCHF was useful for me, price reached the horizontal line as one target, it also reached the support level as well. So far, nothing broken for Forex.